CARGO Therapeutics (NASDAQ:CRGX) Trading Down 6.2% – What’s Next?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares traded down 6.2% during mid-day trading on Monday . The stock traded as low as $13.21 and last traded at $13.27. 26,845 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 258,737 shares. The stock had previously closed at $14.14.

Analysts Set New Price Targets

CRGX has been the subject of several recent analyst reports. William Blair initiated coverage on shares of CARGO Therapeutics in a research note on Tuesday, November 26th. They issued an “outperform” rating for the company. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a report on Friday, November 15th. Finally, Chardan Capital reiterated a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $31.80.

CARGO Therapeutics Stock Down 2.4 %

The stock has a market capitalization of $635.19 million and a price-to-earnings ratio of -3.24. The firm has a fifty day moving average of $17.80 and a 200-day moving average of $17.83.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. As a group, research analysts forecast that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Hedge Funds Weigh In On CARGO Therapeutics

Several hedge funds have recently bought and sold shares of CRGX. Bank of New York Mellon Corp increased its position in CARGO Therapeutics by 11.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after purchasing an additional 7,146 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of CARGO Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after buying an additional 3,765 shares in the last quarter. TD Asset Management Inc raised its position in shares of CARGO Therapeutics by 78.7% in the second quarter. TD Asset Management Inc now owns 289,352 shares of the company’s stock valued at $4,751,000 after buying an additional 127,418 shares during the last quarter. Cowen AND Company LLC lifted its stake in shares of CARGO Therapeutics by 121.7% during the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock valued at $9,102,000 after buying an additional 304,305 shares during the period. Finally, Yu Fan acquired a new stake in CARGO Therapeutics during the second quarter worth approximately $14,975,000. Hedge funds and other institutional investors own 93.16% of the company’s stock.

About CARGO Therapeutics

CARGO Therapeutics, Inc, a clinical-stage biotechnology company, develops chimeric antigen receptor (CAR) T-cell therapies for cancer patients. The company's lead program is CRG-022, an autologous CD22 CAR T-cell product candidate designed to address resistance mechanisms by targeting CD22, an alternate tumor antigen that is expressed in B-cell malignancies.